Mainland China as an Industrialized Nation

China has spent the last several decades, until reform began in 1979, existing with an over-planned, over-centralized economy. When the Chinese Communist Party took over the government, it instituted a Soviet-style, centrally controlled plan for allocating resources. This worked well in the initial phase of economic development during the post-war economic chaos. As time passed and the economy expanded, the central system of resource allocation and price-setting did not reflect the true cost of goods and services produced. There was no method in place to rectify this divergence of actual cost and perceived cost to the consumer. Marketplace inefficiencies resulted. Compounding these inefficiencies, there were no private property rights, which w

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reater resources in China. The report states that the ownership of state assets in an enterprise belongs to the state. Enterprises possess all corporate property rights arising from investments made by various contributors which can include the state. An enterprise is determined to be a legal entity with all the attendant rights and responsibilities. Enterprises will act in relation to market forces assuming all liability for profits or losses and all obligations to the state. The enterprise also assumes all responsibility to investors for increasing the value of their assets. The new structures will allow for greater numbers of enterprises with mixed ownership. The report states that the state will hold the dominant portion of the total assets in society and play the major role in economic development. The state may have overstated its role as the dominant economic force in China as the private sector begins to take on a life of its own in the following year. The Chinese Communist Party committed itself to looking at ways to reduce short-term price fluctuations. The use and development of futures markets and a reserve system for essential commodities was suggested. Price reform has allowed prices for most commodities t
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Some common words found in the essay are:
Communist Party, Bank China, Shenzhen Combined, Square Beijing, Central Committee, Mainland China, Europe Chinese, Deng China, Congress October, Beijing Washington, economic growth, mainland china, state-owned enterprises, zhang 1994, property rights, economic development, communist party, chinese communist, rapid economic, chinese communist party, market economy, rapid economic growth, zhang 1994 277, socialist market economy, socialist economy deng,
Approximate Word count = 3168
Approximate Pages = 13 (250 words per page)

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